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Ian Pollard – Severn Trent #SVT now looking after its customers.
Severn Trent plc SVT is pleased with the recognition it has received for its continued strong performance in the eyes if its customers.in the period from the 1st October to the 6th February. Performance incentives will be more aligned to the things the customers care about most. and from the companiy’s point of view will provide the opportunity for it to receive further out performance payments in 2019/20
Barratt Developments plc BDEV is increasing its interim dividend by 11.65% after delivering a strong operational and financial performance for the half year to the 31st December. Revenue rose by 7.2%, profit before tax by 19.1% and basic earnings per share by 20.7%. Total forward sales as at the third February are up by 7.3%
Grainger plc GRI updates that its resilient growth strategy has delivered a strong performance during the first four months of the year to the end of January 3.7% Overall like-for-like rental growth of 3.7% has been achieved in the year to date. Residential sales for the period performed in line with the previous year and prices were robust.
Redrow plc RDW produced another record first half in the six months to the 31st December, with another 111m cash return promised to shareholders. Group revenue rose 9% to a first half record as did pre-tax profits up by 5%. Legal completions increased by 12%. During the run up to Christmas the market was subdued but sales over the last three weeks have bounced-back. Steve Morgan who founded Redrow nearl45 years ago is to step down as Chairman next month and will be replaced by John Tutte
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Ian Pollard – Redrow #RDW hikes dividend by a massive 65%
Redrow plc RDW has delivered another year of strong growth, record results and an excellent trading performance, with the number of new houses sold during the year rising by 9%. and the full year dividend hiked by a massive 65%. The average selling price was hiked by 7% during the year which some cynics may argue is way way above the general rate of inflation. but in the housebuilding industry with its friends in government, who cares. Group revenue rose by 16% to a record £1.92bn. Profit before tax also hit a new record with a 21% rise to £380m and earnings per share were up by 22%.
WPP plc WPP The new Chief Execuive, Mike Read, goes on the attack with an opening statement announcing the interim results and stressing that the second quarter of 2018 was WPP’s first quarter of like-for-like growth since Q1 2017.and that it has performed strongly in terms of winning and retaining business over the half year.Profit before tax rose by 8.5% or 14.2% on a constant currency basis and profit after tax by 11.3% or 16.8% . Billings on a constant currency basis rose by 4.1% and revenue by 2.9%. The interim dividend remains unchanged. at 22.7p per share.
DS Smith plc SMDS continues to be excited by its prospects and has enjoyed good like for like volume growth in all geographical sectors, in the quarter since the 1sr May. In particular the north America paper and packaging division, has performed very strongly.
Halfords Group plc HFD updates for the first 20 weeks of the current year that the trading environment remained challenging. Revenue rose by 3.9%, car maintenance leading the way with a rise of 4.5%. Guidance for the year remains unchanged.
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Ian Pollard – Severn Trent Abandons English
Severn Trent SVT updates that for the period from the 1st October to the 7th February it has abandoned the use of English and will;
- hit AMP6 outperformance cap
- earn at least 50m in customer ODI out performance payments across waste and water
- work hard on SIM scores
- have sector leading scores in CCW’s annual survey
- create strong out performance opportunities
- underpin the future growth in RCV which customers expect
And to make sure that nobody will understand a word of this complete and utter rubbish
- AMP7 Ofwat has announced its PR19 Final Methodology
- Rumours abound that STSRs are to be held for senior executives (secret training sessions in rubbish)
Johnson Matthey JMAT will receive a £30m one off non cash benefit from the lowering of US Corporation Tax rates. But it will take a one off £50m. hit from the no fault settlement of a law suit in which it looks like the lawyers came out the winners. The 50m will be excluded from current years profits.
Redrow RDW is increasing its interim dividend by 50% as it continues to make hay whilst the housebuilding boom continues apace.Revenue for the six months to the 31st December rose by 20%, profit before tax by26% and earnings per share by 27%. The interim dividend goes up from 6p per share to 9p. The sales market is described robust, the second half started with a record order book. The increase in the average selling price appears to have become a closely gaurded secret.
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Stobart faces short term risks
Stobart Group STOB The new CEO who has only been in post for two months has issued a surprise warning that the company faces short term risks in both energy and aviation and that there will be short term delays in the company’s value creation potential although the long term potential remains unaffected. Despite the popularity of Southend airport where passenger numbers rose by 22% in the 5 months to the 31st July, more airlines need to be persuaded to use it. In energy, problems have been caused by delays in commissioning new power stations and in the take up of agreed bio mass volumes, with only 40,000 tonnes being supplied out of a notified 190 tonnes. The second half should see some amelioration in the position with expectations that deliveries will reach 330 tonnes.
Halfords HFD Like for like revenue for the 20 weeks to the 18th August rose by 2.7% with retail growing by 3.5% and auto centres down by 2% “as planned”. No explanation is given as to how or why the decline was planned (editor has a good idea – sic). The strongest areas were travel solutions with growth of 8.2% and cycling which was up by 5.2%.
Redrow RDW has delivered record financial results for the fourth consecutive year and a final dividend of 11p per share makes a 70% increase for the year to 30th June. And that is nothing compared to what the future three years will bring, with expectations that 2017’s 17p total will in 2020 have nearly doubled to 32p per share. As for 2017 legal completions rose by 15%, revenue by 20%, profit before tax by 26% and earnings per share by 27%. Sales in the first 9 weeks of the new financial year are up 8% on a year ago.
Mattioli Woods MTW enjoyed strong new business flows during the year to the 31st May leading to a 17.4% rise in revenue, 18% in EBITDA and 18.7% in basic earnings per share. The final dividend is to be increased by 12.8%. The company;s financial position is described as strong with net cash of £23m
Lighthouse Group LTG made further progress in the 6 months to the 30th June with revenue rising by 8% leading to rises in EBITDA and basic earnings per share of 26% and 35% respectively. The interim dividend is to be increased by 33% to 12p per share.
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Redrow Expects “At Least” 22% Rise In Profit Before Tax
Redrow RDW as a result of its record order book, trading and performance in the second half of the current year continues to be robust and has enabled the company to increase its average selling prices more, or as they put it, “better” than expected. Profit before tax for the year to the end of June is now expected to increase by at least 22% to £306m.
Kingfisher KGF is increasing its total dividend for the year to 31st January by 3%, after sales and profit growth turned it into an important and productive year. Underlying profit before tax rose by 14.7%, adjusted sales were up by by 1.7%, leaving group results ahead on all key metrics.
Savills pls SVS delivered another record performance in 2016, including what it describes as a highly resilient performance in the UK .Getting down to the nitty gritty though group profit before tax rose by only 1% after a 52% rise in continental Europe. Underlying basic earnings per share were up by 15% and total dividends for the year are increased by 12% to 29p per share, compared to 26p in 2015.
XAAR plc XAR Revenue for the year to the end of December was up by some 3% and profit before tax rose from £13.6m to £17.9m. Ceramic tile sales were disappointing. Total dividends for the year have been increased from 9.45 p. per share to 10p.
Cello Group CLL Managed to turn earnings per share of 3.54p for 2015 into a loss of 3.23p per share for 2016. Revenue for the year to the end of December rose by 5.4% and like for like gross profit grew “robustly” by 5.9%. Dividends for the year grew even more robustly with a rise of 18.9% but headline profit before tax less so with a mere 0.8% rise. However a good start has been made to 2017.
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Bashful Bovis Rejects Bids
Bovis Homes BVH is in demand by predators if not by investors, with bids over the weekend being announced from Redrow RDW and Galliford Try GFRD, neither of whom knew that the other was interested. Bovis, no doubt delighted that it has found an escape route from its management problems, decided that the bride price was too low and both offers were rejected. Redrow was informed that that its proposal did not merit further consideration.
Any housebuilder which has managed to do badly during the current boom conditions is not really fit for purpose and Bovis should be delighted that it is suddenly in such demand. Housebuilders are so flush with cash that they do not know what to do with it and presumably this is an alternative to keep giving it back to the shareholders. Obviously neither bidder felt that it should be reducing, rather than increasing its exposure to the collapsing central London market but that is house builders for you. Discussions with Galliford Try are continuing and Redrow believes that Bovis is a compelling opportunity. Let battle begin.
Computacenter CCC admits that results for 2016 were mixed which is a bit of an understatement with statutory profit before tax falling by 31.3% and diluted earnings per share by 36.3%. The only thing that was mixed appears to be that the UK part of the business did badly with a material decline in profitablity, after a 1.1% revenue decline, despite a strong second half, whilst Germany leapt ahead with a 15.4% rise in profitability and France edged upwards with a rise of 4.5%. The dividend is to be increased by 3.7%.
Clarkson CKN produced a strong 2016 performance despite challenging markets and the final dividend is to be increased by 5%. Underlying profit before tax and earnings per share both fell for t he year to the end of December but reported profit before tax rose by some 50% from £31.8m to £47.3m. The company also sees the beginnings of what it calls “recalibration” in the shipping and offshore markets and is looking forward to the opportunities which it sees in 2017
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Rio Tinto Slashes Final Dividend.
Rio Tinto RT claims, after slashing its final dividend by 21% that at least its balance sheet is robust and that it enters 2017 in good shape. Basic earnings per share moved from 2015’s loss of 47.5 cents per share to a positive 256.9 cents. Consolidated sales revenue for the year fell by $1billion to $33.8billion.
Redrow RDW With a 50% increase in the interim dividend Redrow adds itself to the list of today’s companies proclaiming robust performances. Completions rose by 13% in the six months to 31st December and revenue up 23%, rose to record levels. The gap between the rise in completions and revenue appears to indicate there may have been a a good rise in average selling prices. Profit before tax, surged by 35% as did private orders which leaves the overall order book also standing at record levels.
Smurfitt Kappa Grp SKG is increasing its final dividend by 20% after producing a strong set of results for the year to 31st December. Profit before tax rose by 9% on revenue up by 1% and basic earnings per share by10%. EBITDA broke new records and was the strongest ever.
Dunelm DNLM increased market share in a challenging environment during the half year to 31st December when trading proved to be slightly softer than the company would have liked. Sales fell by 1.6%. profit before tax by 11.3% and EBITDA by 19.5%. But the important bit is that shareholders are kept happy with an 8.3% rise to 6.5p., in the interim dividend.
Grainger plc GRI reports a robust sales performance and even better, a robust pipeline. In fact the figures show that the total sales pipeline for full year 17 were exactly the same as for 2016. Completed sales did rise but only from £47m. to £49m. todays update for the 4 months to 31st January claims a good start to the year with 3.4% like for like rental growth for the year to date and 2.8% like for like rental growth on their PRS rental homes. Demand for rental homes continues to be strong and at the same time the company is on target to achieve its planned reduction in overheads.
Sophos Group SOPH produced a third quarter rise in billings of 16.1%, with strong momentum continuing. The Americas delivered growth of 20%. Cash generation for the quarter was strong with a rise of 28.4% in unlevered free cash flow, making a total increase over the first 9 months of 136.2% and expectations of the figure doubling by the year end.
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Halfords – Massaging The Figures ?
Halfords Group HFD will in future issue its summer trading up date for a period of 20 weeks because it will help to make the figures look better. So this years update is issued in two parts, the first for the 13 weeks of quarter one and then the next 7 weeks trading to the 19th August. Thus the 20 weeks figures benefit from the strong trading which the company gets in July and August once the school holidays start at the beginning of July. Pity when a company becomes so desperate to try and improve its image that its management sees the need to resort to practices like that.
The 7 week figures were generallyquite strong except for motoring and especially car enhancement which were down 4.2% over 13 weeks and 3.3% over the 7 week period. Group cycling figures really illustrate how the change affects the figures. Cycling sales rose by 12.5% in the 7 weeks to 19th August after falling by 4% in the first quarter but those strong 7 week sales mean that Halfords can show a 20 week rise of 11%. Overall 20 week revenue rose by 4.8% or 1.2% on a like for like basis. Service related sales were very strong rising by 13.9% over the 20 weeks. The company describes the 20 week performance as solid, whereas the 13 weeks figures appear to have been far less so.
Redrow RDW Delivered its third consecutive year of record results and is rewarding shareholders with a 67% rise in the full year dividend. New homes completed during the year to the 30th June rose by17%, revenue by 20% and profit before tax by 23%
1pm plc OPM has enjoyed a year of strong strategic and organic growth in both revenue and profit and is increasing its final dividend by 43%. Like for like revenue to the end of May rose by 45% and group profit before tax more than doubled from £1.6m to £3.7m
Gear4music G4M Overall profitability for the 6 months to 31st August will be ahead of expectations after the company produced overall sales growth of 73% which included a surge in Europe of 169%. A European distribution centre is to be opened in Sweden and expected to be operational by the 31st Aug
Ashmore Group ASHM Net revenue for the year to the end of June fell by 18% and profit before tax by 8%. A final dividend of 12.1% is to be paid
Learning Technologies LTG is raising its interim dividend by 40% following a 52% rise in revenue for the half year to the end of June and a 145% rise in EBITDA. The company says that it is making strong progress in its strategic ambition to become a diversified international business.
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Redrow Admits To Decades Of Under Supply
Redrow RDW managed to increase its average selling price in 2016 by over 10% which is not bad going in an economy parts of which are struggling with price deflation. Redrow blames the continuing housing boom on decades of under supply, which raises the question of course as to why Redrow and all the other house builders kept the market under supplied for all those years. Why didn’t they build the number of houses which the market needed.
2016 pre tax profits are expected to beat analysts estimates. Private reservations rose by 46% and at the end of June the private order book was up by over 50% on a year ago. Annual turnover rose by 20% and legal completions by 17%.
Carpetright CPR Statutory profit before tax for the year to 30th April soared by 137% and basic earnings per share by 198%. Despite a reduction of 5.4% in store space, revenue for the year only fell by 1.3%. UK like for like sales rose by 2.8% whilst Europe did even better with a 4.8% rise. New store format and branding was completed within the year. The current year got of to a very bad start in May with like for like sales collapsing by 7./6% but they recovered in June with a rise of 6.3%. No doubt we will read in the not too distant future about market volatility and challenging conditions.
Ocado OCDO Price deflation took its toll during the half year to 15th May, with the value of the average basket down by 2.2%. Volumes including Morrisons, on the other hand were up by 30% and the number of orders rose by 17.8% to 225,000 per week., which Ocado claims is steady progress.
Anglo American plc AAL De Beers saw a fall in sales in its 5th cycle of 2016 but claims it was nothing more than expected. Despite stable prices, it remains cautious about the future.
Fastjet FJET finds that the trading environment is still challenging with passenger numbers lower than expected and the load factor down to 47%. The board believes that the new CEO will give the group a viable and attractive future but none of the present members seem to think that the mess created by their governance is anything for which they can be blamed.
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Fall in Growth At Redrow
The housing bubble continues apace despite nasty signs beginning to emerge from the Greater London area. On the face of it Redrow is fully enjoying the fruits of the boom, producing yet another record set of results and doubling its interim dividend yet again. It has however suffered a sever fall in growth in both revenue and profit before tax.
For the half year to 31st December revenue rose by a comparatively meagre 8%, profit before tax by 14% and earnings per share by 15%. Legal completions in the half year rose by 18%.
Compare this with the interims to 31st December 2014. Legal completions then also grew by 18% but group revenue was up by 54%, profit before tax by 92% and earnings per share by 93%.
In December 2014 net debt stood at £140m., in June it had risen to £154m and in December it was up by another 20% or so to £183m., all due no doubt to increases in the company’s land bank.
Redrow has now quadrupled its interim dividend in 2 years, from 1p (its first ever interim dividend) to 4p. It promises that the 2016 full year payment should be 10p as against last years 6p. Demand for new homes is described as robust and a strong performance is expected for the current year, with the private order book up by 51%
Redrow is one of the few housebuilding companies which is too shy to publish its average price and average price increases for the period under review.
Were I a number cruncher, I may, no doubt have the answers at my finger tips but being merely a humble scribe, I just wonder why the growth rate in revenue and profit before tax has collapsed so dramatically.
The share price has fallen from 500p to 424p but that is nothing out of the ordinary for the sector and this morning it has held steady.
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